IX Acquisition Corp. operates as a SPAC focused on completing a business combination with AKOMM Inc. While operating losses have narrowed significantly, the company faces acute liquidity pressures, evidenced by a current ratio near 0.05 and negative equity exceeding $15 million at the end of 2025 [F1]. Regulatory headwinds from new SEC SPAC rules effective July 2024 and risks tied to Investment Company Act classifications increase the threat of forced liquidation [S8][S9][S10]. Capital raised through multiple SAFE agreements provides some financing flexibility, but operational and merger execution risks remain material [S21][S14]. The company’s outlook hinges on timely deal completion amid constrained cash resources and evolving regulatory scrutiny.